The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-10-29
RECEIVER MILLlGAN EXPLAINS.
lie Has Only About 100000 that Will Be
Available for Another Dividend.

Nr. 81. J. Milligan the receiver Of the estate
Of Stoughton A Fletcher, denies the charge
made by many OF the creditors of Fletcher s.
Sharpe's Bank that he has money on hand that
should be distributed among them The publ
cation of the figures from his last annual report,
he SAYS. does him injustice many transac-
tions have taken place since the report pre-
pared. For the information of creditors Mr..
Milligan has prepared q statement, which is as
follows: 1.-THE complaints made are the result
of Misrepresentation of the facts. The truth is,
that. at my request, the court has in this case
authorized me to make payments faster than
the law requires. and have made them accord
Ingy. Stoughton A. Fletcher was not
indebted to the firm of Fletcher g.
Sharpe, but of course. all his property is
subject, after paying his individual debts, to
the payment of the firm debts Of which he
member Strictly. nothing was payable out
of bis estate to the firm creditors until his ind-
vlduai liabilities were all discharged Among
the individual debts for which he liable
were $4,000 of bonds of the old Atlas works
guaranteed by him. These bonds are due next
April. The Atlas works was nsolvent In or
der to make the property Of the Atlas works
pay much of this debt possible, and with
the least possible expense, proceedings were had
during the past summer by which a receiver
was appointed for the Atlas works: its property
all sold. subject to the outstanding mort
cages securing these bonds. and l bought the
same for So. To have foreclossd the mortgage
would have cost a much larger sum than To pro-
coed in this way. Thereupon sold, under the
order OF the court, part OF the property
bought to the Atlas engine works for $75, 900,
and with that $50 900 and $97, 900 in my hands
took up the $172. 600 for which the estate is
liable, having the option to do by the terms of
the bond. thereby stopping the interest 1t was
necessary to use this money for this purpose
either now in April, for could not hope to
obtain enough money to take up the bonds, if
this money was paid out 10 dividends
III aving thus used this money, there is
hand belonging to this trust about $40, 900, but
of this sum nearly $50. 900 is held for the pay
ment OF the first dividend upon Fletcher e.
Sharpe claims against the estate not yet proved
but which are being proved from time to time.
The result, therefore. is that the funds that
come into my hands have been and are being
used III In the payment of a 10i per cent.
dividend. amounting to about $40. 600, and ~
in the payment of the Atlas works bonds,
above. / have now hand about 500. 600,
which will ultimately be availed for second
dividend but which alone would pay very little
more than l per cent dividend.
Il want to say further that the creditors are
not more anxious to receive dividends than
am to pay them. get advantage from hav-
ing a large amount of money hand, every
dollar of interest received from the banks on
the deposit is accounted FOR in my reports, and
goes to the benefit of the creditors"